THE M3: CHINA PROPERTY TAX UPDATE; HOUSE ALWAYS WINS

The Macau Metro Monitor, October 12th 2010

 

CHINA TO START TRIAL PROPERTY TAX IN 'MONTHS', SECURITIES SAYS Bloomberg

According to China Securities Journal, China will start levying a property tax on a trial basis in some selected cities “within months.”  Shanghai has already started to prepare for the tax.   Nie Meisheng, president of the China Real Estate Chamber of Commerce, believes that the performance of the real estate market will determine whether a tax is introduced this year. He thinks housing prices will remain high as most developers have plenty of cash.  On Sept 29, China's State Council said that it will introduce the trial property tax in some cities and then expand the tax nationwide.

 

CHINA CONSTRUCTION BANK HEAD: PROPERTY TAX NECESSARY People's Daily Online

Guo Shuqing, chairman of China Construction Bank, says a property tax is necessary to reduce the dependence on government revenues from the industrial sector and stabilize the real estate market.  Guo believes the tax rate being discussed is still too low to have any meaningful impact on housing prices. 

 

LOCAL TYCOON BLOWS S$100MM AT THE TABLES TodayOnline

Sources say one of S'pore's 40 richest people recently lost a total of S$100 million and another tycoon from the timber-rich East Malaysian state of Sabah lost $50million at RWS and MBS.  This follows businessman Henry Quek, who has settled his whining over losing S$26 million over 3 days at RWS. 


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